Which of the following is a difference between the U.S. GAAP and IFRS requirements related to inventory?
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Question:
Which of the following is a difference between the U.S. GAAP and IFRS requirements related to inventory? (Select one or more)
a. A variety of inventory costing methodologies in permitted in US GAAP. IFRS allows only one methodology. | ||
| b. | LIFO is not permitted under IFRS. | |
| c. | Reversals of write-downs are prohibited in US GAAP but are required for subsequent recoveries under IFRS. | |
| d. | US GAAP refers to the lower of cost or market whereas IFRS refers to the lower of cost and net realizable value |
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